April 17, 2026 — Netflix co-founder Reed Hastings is stepping down as chairman of the board, with his departure set to take effect at the company’s annual meeting in June.
According to a statement released by Netflix, Hastings will not stand for re-election when his current term expires, choosing instead to focus on philanthropy and other personal pursuits. The announcement was included in the company’s first-quarter 2026 investor letter, which also outlined its continued strategy to expand global entertainment offerings.
The news prompted an immediate market reaction, with Netflix shares falling approximately 9% following the disclosure. Investors reacted to the development amid broader concerns about slowing revenue growth and increasing competition in the streaming sector.
Hastings, who co-founded Netflix in 1997, served as chief executive officer from 1999 until 2023, when he transitioned to the role of chairman. During his tenure, he guided the company’s evolution from a DVD-by-mail rental service into a dominant global streaming platform with over 325 million paid subscribers as of the end of 2025.
He oversaw major strategic shifts, including the introduction of streaming services and original content production, while navigating challenges such as the short-lived Qwikster spin-off in 2011 and the surge in demand during the coronavirus pandemic.
Netflix emphasized in its shareholder communication that Hastings’ leadership helped establish a culture of innovation, integrity, and high performance that continues to define the company. The board expressed gratitude for his decades of service, describing his exit as selfless, disciplined, and graceful.
His departure comes as Netflix seeks new avenues for growth amid a maturing market and after a proposed merger with Warner Bros. Discovery failed to materialize earlier in 2026. The company has maintained its full-year financial outlook despite reporting quarterly revenue growth at its slowest pace in a year.
Netflix’s annual meeting of stockholders is scheduled for June 4, 2026, at 3:00 p.m. Pacific Time, where Hastings’ term will officially conclude.
